Control Act of Laundering in Internet

Category:


The truth is that technology has created the means and ability to launder money by use of completely untraceable digital currency. While current money laundering laws apply to the fledgling art of cyberlaundering, the actual effect of these laws may be limited.

Structuring of transactions so as to avoid currency reporting requirements becomes less risky if the funds used to structure are virtually untraceable. In addition, the filing of currency transaction reports may be pointless if the money can not be traced into a specific account. However, the actual requirement that a transaction report be filed may be nonexistent if cyberbanks which accept ecash deposit accounts do not fall under current federal or state regulation of financial institutions.

For these reasons, most of the governments are  worried that the Internet may become a launderer's paradise. Nevertheless, should completely anonymous digital cash be prohibited or secretly monitored  for the reason that it may facilitate some illegal activities?

I think that prohibiting or secretly monitoring ecash transactions on the grounds that such transactions are difficult .

Comments (0)

Post a Comment